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China tries to choke off money supply to non-environmentally
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21:06, July 06, 2007 |
The instructions from the central bank aim to pull the financial sector into line with the country''s industrial policies and make sure the country''s energy efficiency and environmental protection targets are met.
Chinese Premier Wen Jiabao said earlier this year "the current macro-control policy must focus on energy conservation and emission reduction in order to develop the economy while protecting the environment".
The challenge of reducing energy consumption and greenhouse gas emissions is proving arduous, to say the least. China''s economy grew 11.1 percent in the first quarter but power consumption surged 14.9 percent, suggesting there has been no major change in the country''s overall emissions trend.
China has set a target of reducing energy consumption for every 10,000 yuan of GDP by 20 percent by 2010, while pollutant discharges should drop by 10 percent.
But energy consumption fell only 1.23 percent last year, well short of the annual 4 percent goal.
The Chinese government has vowed to reform the pricing of natural gas, water and other resources, raise taxes levied on the discharge of pollutants, establish a "polluter pays" system and severely punish those who violate environmental protection laws.
China''s top legislature began in late June deliberating a draft amendment to the Law on Conserving Energy, which details measures to avoid energy waste in construction projects, the transportation sector and government buildings to improve energy efficiency and cut pollution emissions.
Source: Xinhua
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